CRON - Cronos Group stock rises 2.6% with acquisition of 10.5% stake in PharmaCann

A subsidiary of Cronos Group (CRON) to acquire an approximately 10.5% ownership stake in PharmaCann, one of the largest vertically integrated cannabis companies in the US for $110.4M.PharmaCann has a broad geographic footprint in the U.S. and has built an efficient, effective and scalable operating model, including six production facilities and 23 dispensaries operating under the Verilife brand.Kurt Schmidt, President and CEO comments: “Our U.S. growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the U.S. market through investments and opportunities with U.S. leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people’s lives. We were attracted to PharmaCann as an investment because of their disciplined capital allocation, strong track-record and compelling licensed manufacturing and retail footprint. Further, we are excited to partner with PharmaCann because of our shared commitment to elevating product quality and consistency through science and

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Cronos Group stock rises 2.6% with acquisition of 10.5% stake in PharmaCann